SNXweave Weekly Recap 124

3 months ago 41

February 7, 2024

The pursuing station contains a recap of news, projects, and important updates from the Spartan Council and Core Contributors, arsenic good arsenic the Grants Council and Ambassador Council from past week.

👉TLDR

CCs are preparing the rewards distributor mechanics for STP-14’s USDC LP incentives
No large issues person been reported from integrators truthful it whitethorn beryllium clip to commencement directing traders towards Base
Kwenta is readying to standard up the invite-only investigating signifier earlier opening up V3 connected Base arsenic the default acquisition for each Kwenta traders
The constricted usage astatine this constituent is simply a idiosyncratic onboarding contented alternatively than a regulation of what is presently deployed (there is plentifulness of OI country for traders that is not being used)
Perps V3 OI caps are present $1 cardinal and trades are happening by 2 integrators. Once Perps V3.1 and V3.2 are shipped, OI caps tin beryllium dramatically lifted.
SC discussed the 2024 roadmap again — they talked astir deploying to aboriginal chains and instauration of SNX app chain
Other discussion: Duck said arsenic V3 scales connected Base determination volition beryllium little request for sUSD connected V2, which whitethorn interaction the peg
SIP-2053: List JUP connected SNX Perps V2 presumption recap

Spartan Council and SIP updates

Present astatine the January 31, 2024 Spartan Council Weekly Project Sync:
Spartan Council: Adam, bilby, cyberduck, Jackson, Kain, Millie, ml_sudo, Snax Frens
Core Contributors: Afif, Cavalier, David, joey, KALEB, Matt, meb, Mike, Nikita, troy

First up, for our enactment successful advancement update, 900,000 of the $1 cardinal USDC LP headdress has been filled, and the CCs are present preparing the rewards distributor mechanics for STP-14’s USDC LP incentives. No large issues person been reported from integrators truthful it whitethorn beryllium clip to commencement directing traders towards Base. Kwenta is readying to standard up the invite-only investigating signifier earlier opening up V3 connected Base arsenic the default acquisition for each Kwenta traders. The TLDR present is fundamentally that the constricted usage astatine this constituent is simply a idiosyncratic onboarding contented alternatively than a regulation of what is presently deployed (there is plentifulness of OI country for traders that is not being used).

As for markets, Perps V3 OI caps are present $1 cardinal and trades are happening by 2 integrators. Once Perps V3.1 and V3.2 are shipped, OI caps tin beryllium dramatically lifted.

Next up, the Spartan Council concisely reviewed the roadmap again, which we discussed successful past week’s recap. There was further treatment connected deploying to aboriginal chains and instauration of SNX app chain. From an offline speech with Cav, Kain explained immoderate of the prerequisites for deploying to different chain. The full constituent down the Andromeda merchandise was to behaviour experiments that would pass imaginable aboriginal deployments.

The archetypal is whether determination is immoderate involvement successful LPing USDC, and the 2nd is the trading request for Synthetix contracts backed by that USDC collateral. Kain said the large unfastened question for him is what percent of progressive traders are from extracurricular of the Synthetix community — there are the traders who are apt to beryllium little acrophobic with the concatenation that Synthetix is deployed connected and the collateral backing the system, and much acrophobic with the prime of the product).

Once the experiments validate whether determination is request for trading, past the Spartan Council and CCs tin statesman to measure what a station SNX collateral Synthetix should look like. App concatenation improvement is besides contingent connected Andromeda experimentation data. As acold arsenic aboriginal experiments, determination person been a fig of suggestions to deploy to different chains, specified arsenic Arbitrum, and perchance experimentation with much risky collateral and borderline types. Adam cautioned that adjacent successful an isolated deployment environment, the Synthetix marque would beryllium tied to each of these deployments and immoderate issues whitethorn beryllium optically damaging for the protocol adjacent if LP hazard was contained.

In different discussion, Duck brought up the information that arsenic V3 scales connected Base, determination volition beryllium little request for sUSD connected V2 which whitethorn interaction the peg. There is simply a large sUSD arbitrage accidental from L1 to Optimism that is not being efficiently closed. Kain said helium was capable to tally the rhythm a mates of times and estimates the APY was adjacent 40%. The large problem, however, is that it’s not an casual process, and automating it would necessitate a level of sophistication that astir sUSD holders bash not have. The CCs are processing an interface to assistance with this and determination whitethorn request to beryllium further incentives from the TC to marque it worthwhile for smaller sUSD holders.

There was besides 1 SIP presumption past week, SIP-2053 to List Jupiter (JUP) connected Perps V2. This token launched connected February 1st truthful Kaleb explained that determination was nary progressive trading information astatine the clip of the presumption to enactment the listing, but helium expects it volition person the aforesaid request arsenic BONK. This would not spell unrecorded until the markets are progressive connected centralized exchanges, and this plus volition besides beryllium added to the Risk Control Module successful the SCCP configuration.

Grants Council

Present astatine the February 1, 2024 Grants Council meeting:
Grants Team: ALEXANDER, es MC, Mike, MoneyManDoug, Synthquest

In Grants Council updates, the squad had a gathering past week wherever they discussed what the aboriginal of the GC should look like. They besides went implicit immoderate of their ongoing initiatives, including the sUSD bridge, pain bot, and watcher page. The GC is adjacent to confirming that the autochthonal sUSD span works connected the staking website, and the pain bot has been updated to see all-time SNX burns — you tin spot weekly/all-time burns successful Discord now.

The Watcher leafage volition besides soon see totals for unfastened positions, filter tabs for closed and liquidation positions, and humanities relationship full trading history. Once those upgrades are complete, the Council volition besides beryllium adding a staking tab to presumption staking accusation astir an address. This is intended to commencement framing retired a 1 halt store for V3 (staking and perps trading).

Ambassador Council

Present astatine the January 30, 2024 Ambassador Council meeting:
Ambassadors: GUNBOATs, Kevin, Mastermojo, Matt, Westie

Lastly, successful Ambassador Council updates, the Ambassadors posted their astir caller Project Spotlight connected Twitter, wherever they highlighted dHEDGE, which is simply a non-custodial plus absorption protocol wherever users clasp power of their assets portion inactive allowing others to negociate the capital. Be definite to cheque retired the spotlight connected Twitter!

The squad has besides been continuing to sermon the upcoming Optimism Grants season that ends February 14th, arsenic good arsenic the caller Optimism Mission Requests that they reappraisal arsenic OP delegates. Lastly, they went implicit Matt’s caller telephone with Optimism — you tin cheque retired the notes to the telephone here.